Property Type Retail
Date January 19, 2016
Mark Ritchie, a Principal of Gantry, has arranged $6,300,000 in financing for the purchase of a to-be-vacated Toys R’ Us building in Palm Desert, CA.
Mark Ritchie, a Principal of Gantry, has arranged $6,300,000 in financing for the purchase of a to-be-vacated Toys R’ Us building in Palm Desert, CA. The Borrower, a Southern California based retail developer required acquisition financing for a replacement tenant for the 46,000 sq. ft. box with the new tenant not taking possession until months after loan closing. According to Ritchie, this $6.3MM financing combined the best elements of a bridge facility and a long term loan rolled into one. The name of the new tenant was unavailable.
With offices in Los Angeles, San Francisco, Sacramento, Seattle, Irvine, Las Vegas and Phoenix, Gantry is a full service mortgage banking firm with a strong lineup of correspondent lenders utilizing Gantry’s production, closing and servicing capabilities. In addition to arranging loans, Gantry is active in loan restructuring assignments through its Debt Advisory Group. Established in November 1991, Gantry is currently staffed by approximately 50 employees in seven regional offices throughout the western United States. The company services over $6 billion with over 800 loans. Gantry has been rated as a Primary Servicer by Standard and Poor’s and is one of a select few non-banking / non-insurance chartered companies with this designation.
For more information on this transaction please contact Mark Ritchie at (310) 846-5303.